Retirement Answer Man

I've been hacked!!!! To prove that talking retirement planning doesn't have to be dull, Joe Saul-Sehy from the Stacking Benjamins Show hacked into this week's show.We were all set for another super serious retirement planning show when Joe from Stacking Benjamins hacked in and took over. Evidently Joe thought I was getting a bit too serious and wanted to lighten up the show a bit. Although he made every attempt to suck the wisdom from the show, I was able to sneak in some great retirement planning lessons as he told stories, ranted and joked about personal finance.If you listen closely, you'll there's some great lessons about:Financial Pornography: The dangers of listening to financial news.How everyone is marketing somethingEveryone presents themselves as financially savvyWhy not to believe your friends investing stories.Don't count on your advisor to predict the future.The true role of an excellent financial advisor.Why humility is key to making good financial decisions.Joe's admits his worst financial decision.How to judge the competency of your financial advisor.As light hearted as Joe is, he really knows his stuff. If you're looking for an entertaining personal finance show, check his out here. Tell Me What You Think Joe thinks I'm too serious in my show. Joe's a good friend and I respect him. You're a friend to so I'd love to get your feedback.What do you like most about the show?What would you change?Is my show too serious?Would you like to hear more about current events and the markets?Is it too long (or too short)?TELL ME HERE

It's easier than ever to become a terrible husband. Our connected world has caused the outside world of news, work and friends to compete for the limited attention we have when we're at home.  If you're not careful e-mails, status updates and the internet can rob your wife of her rightful place as the center of your life.This year my wife and I will celebrate our 25th wedding anniversary. I'm happy to say our relationship has never been stronger. This wasn't always so. For much of our marriage, I was a terrible husband. I allowed the pressures of work and the outside world to dominate my attention at the expense of my wife. Luckily, I woke up, got my priorities straight and can now say we have an awesome marriage.I want this for you too.In this week's episode, Nick Pavlidis shares his journey from terrible husband to husbandly awesomeness (He wouldn't say this, but I will).  We discuss:Signs you could be a terrible husband.The importance of taking inventory of your actions and priorities.How to apply workplace leadership skills at home.Ways to make your wife your top priority.Why it all starts with you.How to walk your talk.The benefits of investing in your marriage.The magic of continually asking yourself,  "What is the next right thing?"Join Nick in Becoming a Better Husband Nick is, admittedly, a work in progress. If you'd like to join him on his journey towards being more intentional in marriage here's how:Read Nick's new book Confessions of a Terrible Husband: Lessons Learned from a Lumpy Couch.Listen to his podcast.Connect with him via: FacebookTwitterQuestion What is your nest advice for improving your relationship with your spouse?Tell me here 

What do you think the midyear outlook for the market is? Greece, is all over the news (what is it with Greece, anyway?), markets in China are crazy and here in the U.S. everyone is freaked out about when interest rates will rise. What is an investor to do?In this episode, we'll discuss the midyear outlook for the markets as well as the importance of managing your assets in a consistent well thought out way. Your Investment Assets Should Be Aligned with Your Financial Priorities.  All to often, we collect investments over time just like we collect "stuff" in our closet. As we walk through life, we see an interesting investment, buy it and repeat again and again. Over time, many end up with an investment portfolio that looks more like a storage closet than a well structured portfolio laser focused on helping achieve goals. Over the years, I've seen some horrendously constructed portfolio (by Advisors as well as individuals).  I recall one IRA that had over 45 different managed portfolios! All actively managed by an advisor.  Geez!!!Collected portfolios pose some serious risks to your long-term investment experience. Such portfolios make it very difficult to evaluate:the individual and aggregate risk you're taking.whether each manager is performing adequately.the appropriateness of the fees you're paying.Whether you're portfolio allocation is aligned with your family's priorities.Much better, in my opinion, to have your portfolio, and your balance sheet, laser focused on helping you achieve things you know you care about. In short know:what you own.why you own it.how to evaluate it.how it helps position you to achieve your family's priorities.It is Essential That You Stick with ONE Well Thought Out Investment Process. This is such an important point I need to do an entire show on it. If you switch from process to process you really don't have any process at all. This can be DISASTROUS to your long-term performance.Decide on a well thought out strategy and stick to it. Stick to it even when it feels uncomfortable; especially when it feels uncomfortable. Stay tuned for a future show focused on investment process. Highlight's From LPL Financial's Midyear Outlook In this week's episode, I speak with LPL Financial's Anthony Valeri, C.F.A. about LPL's midyear outlook for the world economies and markets. Anthony and the entire LPL team are sharp cookies. More importantly though, because LPL does no investment banking or selling of proprietary products, they're investment opinions are not tainted by the normal conflicts of interest you see at major firms. Anthony is a Senior Vice President, Investment Strategies and sits on LPL's tactical allocation committee. Get LPL's Midyear Outlook for Investing The economy has helped deliver six consecutive calendar years of positive returns for stocks since the end of the 2008 – 2009 Great Recession, as measured by the S&P 500 Index; however, constructing a strategy for the remainder of the economic expansion will require a tricky assembly. Divergent monetary policies reveal an uneven global recovery that has triggered an uptick in stock market volatility. A few important pieces requiring assembly for the remainder of 2015 include: „How the U.S. economy pieces together the components needed to bounce back from a lackluster start of the year. The U.S. economy hit an unexpected soft patch to start the year due to a severe winter freeze, the West Coast port strikes, ongoing effects of lower oil prices, and the surging U.S. dollar. Returning to a more normalized 3% growth level will be crucial to build further upon the market’s first half gains. „After successfully delivering the U.S. economy out of the recessionary “warehouse,” how does the Federal Reserve (Fed) assemble an exit strategy from its six-year policy of zero interest rates? With unprecedented levels of accommodative monetary policy rendering any traditional instruction manual pointless, the Fed will have to use its entire toolbox to construct a delicate increase in interest rates without disrupting the fragile economic growth and the wavering confidence of businesses, consumers, and investors.Corporate earnings growth continues to search for that spark to ignite equity advances. In the U.S., lackluster profits aligned with weak first quarter 2015 economic growth to produce the lowest level of year-over-year corporate earnings growth in 11 quarters. Overseas markets are looking for a power boost from the very accommodative monetary policies of global central banks across Europe and Asia, in an attempt to spur sustainable growth, improve earnings, and avoid deflationary forces.Although many packages are still in transit as we approach the midpoint of 2015, the biggest challenge for the market is putting the necessary pieces together to construct the backdrop for solid global economic growth, stable prices and currencies, and expanding corporate profits. The task is complicated by the Fed’s expected first interest rate increase in nine years later this year. The assembly will not be an easy one, but the LPL Research Midyear Outlook 2015: Some Assembly Required provides the investment instruction manual, tools, and tactics to construct portfolio strategies that may flourish in a market that remains in transition.If you're an auditory learner, here's a link to their midyear outlook video. Enjoy the Podcast?  Please Help Others Find it in iTunes By Leaving a Review  Click HEREo leave a review.

Many say the American dream is dead. That getting married, starting a family and building for the future is no longer possible. Unfortunately, many others believe it when they hear it. All the while though, there are people with "normal" jobs building the American Dream step by step.One such person (or couple) is Molly and her husband. He works as a teacher. She works part time. They have a home and young daughter but still safe 15% of their gross income. From our conversation, they don't seem to do anything magical. They simply work at being intentional with how they spend money. Lessons I Learned From Molly's Story The word retirement is changing. It's becoming more about working on your own terms than leaving the workforce. This is significant, and if you share this vision you can use it to plan more intelligently of your future.It's important to be careful about what you spend on your education. According to Career Builder, over half of college grads are in jobs that don't require a degree. Education is important, but it may lead you to work you hadn't considered.It is possible to start a family, build a life and save for the future in "normal" paying careers. It takes being very intentional about your spending and working together.It's important to learn about the time value of money and investing early. Although parents and schools, generally, do poorly at this, there are lots of great resources for those that want to learn. In fact, today I had a perfect example. A 19 year old called me to discuss how to start saving for the future. This young man is working, going to school and has extra money he wants to start saving and investing with. Where'd he learn this attitude?  Books and podcasts!It's so easy to buy things that we forget about the great free resources available to us. Whether it's on the internet or at the local library, there are free resources to help you learn about nearly anything. Molly gives a great example of this in her quest to learn Spanish. Rather than buy a expensive (highly marketed) language program, she found free resources at the local library.Molly Early 33’sMarried 5 yearsA toddler daughter (20 months)Registered nurseWhat Does Retirement Mean to You? “In my 20’s it was this nebulous way in the future concept  that happens to other people, but would never happen to me because I’m never going to grow old.""Retirement to me would be a continuation, where I’m able to work just the amount that I want to. Maybe some of that is paid. Maybe some of that is volunteered. ""I think of retirement as the point that we hit financial independence, so that I’m not just working because I have to. I’m working because I want to." What Are You Most Excited About Retirement? “The flexibility to do whatever I want to do with my time.”"I would love to live close to my children, when they have children.” What Worries You Most Worried About? “Unexpected future expenses (home remodeling, more kids) could push back the date of our financial independence.”“I spend most of my time focusing on what I can control.” How Do You Think You're Doing on Your Journey Towards Retirement? “If you’re looking at the average American in their mid-30’s I think we’e ahead of the curve.”“We’re saving about 15% of our gross income towards retirement.” Do You Use a Financial Planner? “I took a Retirement Planning Today class at a local community college.  They offered a free consultation. It was very sales oriented.” What is the Worst Financial Decision You’ve Ever Made? “I got an undergraduate degree that I’m not using. I got a teaching credential that I’m not using. I even went back to school to start to get a masters in nursing (and then dropped out). So, I’ve spent a lot of money on education that I’m not using.”“I didn’t pay more attention and try to learn about investing in my 20’s.” What Do You Struggle With When Making Financial Decisions? “I would probably say, I’ve gotten borderline obsessed with learning about personal finance.” What is Your Number One Resource? “The Library.”“I am in love with the public library.” How Do You Want to Be Remembered? Well, I think I want to be remembered by what kind of relationships I had with people in my life.” Question:  What is the One Thing You Can Do Today to Be More Intentional With Your Money? For me, it is having better conversations about money with my wife Shauna. Lately, we've gotten a little lazy in our spending. Actually, I've gotten a little lazy with our spending. Not crazy lazy. More like I've become less intentional than I'd like about my spending decisions. Sorta like there's a hole in my pocket that bits of money falls though. I know it's there, I just haven't gotten around to fixing it yet. My wife helps me stay focused and fix these little things. What About You?  Let me know here. 

Do you remember your high school sweetheart?  I remember.....all of them. Young "love" is exciting how often does it turn into true love, that lasts into retirement?  I found my true love, Shauna, in college. This year, we'll celebrate our 25th anniversary. When did you meet your true love?In this week's journey to retirement story, we hear from true high school sweethearts, John and Patti.Lessons LearnedYour story matters. It’s great to hear couples have conversations based on the stories you share on this podcast.Retirement is more about having flexibility in what you do than simply not working.Fixing things yourself can save a lot of money and keep you engaged.Not knowing when retirement is possible and what it could look like is a central issues people struggle with.You and your retirement goals will evolve over time. It's important you have a nimble process to help you make good retirement decisions along the way.John and Patti Patti age early 50’s and has worked for the same company of 28 yearsJohn works in the technical fieldThey've dated since age 17 (how sweet is that??)Two grown DaughtersGearing up for retirementWhat Does Retirement mean to you? Patti:  Retirement means doing a lot more things, doing the things I want to do. I don’t think I could not do something. It’s flexibility at an age when you can still enjoy it.John:  I’m kind of a do it your selfer. There’s really a lot of money to be saved by fixing things yourself. Retirement for me is going to be doing the things I want to do, on my terms. That in a nutshell is what I’m hoping for. I’ve got a laundry list of things I want to do.What are you most excited about? John:  Right now I commute an hour each way. I’ll have 2 hours my day back just like that. There are some things I’ll probably be doing in my 70’s that I could never think I would do.Patti:  Moving to a warmer climate in the winter. Maybe downsizing our main home.What are you most worried about? John: Do I have enough money. Am I going to run out of money. That kind of thing.  I have a lot of things I’m planning on doing. Am I going to be able to do them?  Is my health going to be okay?Patti: The worry for me would be managing the money properly so we have enough. We always worry about the health care costs. I think that will be a major cost that’s hard to predict. How do you think your doing? Based on the calculators we’ve run, I guess, we’re not panicking. We’re doing the best we can. If it means working longer that’s what we’ll do. If it means retiring earlier, that’s what we’ll do. Do You Use a Financial Planner? We do a lot ourself.What I’m looking for is someone to help me with a plan to move forward, give us recommendation and Patti and I execute them.A lot of the places say we need to transfer all our money to this financial institution in order for them to manage it.What is the worst financial decision you’ve ever made? John: Before we got married…I read a book on penny stocks and I proved that book wrong. What are some of the things you have to deal with personally when your managing your finances? John: I think the biggest thing is…it’s (financial planning) not exciting. You can see it’s important but it’s not urgent so it doesn’t get the attention it desereves.Patti: The budget part. John wants to stick to it more than I do. He wants it all documented whereas I know more of what I spent and what I didn’t. What is the one resource that has had the most impact on your lives? Patti: My parents. I think being brought up in a modest home and working at a young age…has made me into a conscientious spending adult. How do you want to be remembered? Patti: I’d like to be remembered for helping others and being a core part of the family.John: For the positive experiences we’ve had together.Have a question or want to share your story? Click Here. 

You'd never intentionally make a stupid investment for your retirement. Yet, most of us do everyday. We invest or should I say digest horrible things into our body. Over time these bad "investments" rob us of the most important thing in retirement, our health, and potentially give us a huge negative return in the form of high health care expenses. Luckily, there are some simple things you can do now to create a healthy retirement. Simple Investments to Create a Healthier Retirement. Pharmacist, Phil Carson of carsonnatural.com has counseled patients for years on medications to treat their health problems. Over those years, he's seen the long-term effects of treating symptoms and not the causes of common health issues.In this episode he shares his simple advice to create a healthier retirement. Highlights From Our Conversation  "I want to help those that are half living to learn that they can live fully alive.""You get to that point when your retired and you don’t want to end up spending all of your money on health care. You have this nice nest egg and they start to see it dwindle away because they have to spend so much on healthcare because they didn’t do what was necessary before hand.""Be proactive. Don’t wait until your dealing with a health issue like high blood pressure or cholesterol .""What I see a lot are people at retirement age that have been working to build up that nest egg, waiting to retire. When they finally retire and then they get sick because they’ve pushed themselves so hard. They failed to stop to thing and be proactive in taking care of their body.""When your talking about health and being proactive and taking care of your body, I look at that as an investment in your future.""It’s not just about the quantity of life, you’ve got to think about the quality.""A lot of medications are designed to just treat symptoms. They’re not designed to treat the underlying cause."Don’t just look at treating symptoms, treat the cause.""The majority of people with high chlorestorol issues, its because of their lifestyle problems" 5 Simple Health Investments to Make Now DRINK WATER (one half your body weight in ounces).Get source minerals from spring water or supplements.Replace electrolytes.Eat more food instead of food products.Exercise.Diagnosed with Diabetes or Pre-Diabetes? Facts From Dr. Phil Carson29 million diagnosed with diabetes86 million diagnosed with pre-diabetesStatistics show that if within 5 years, these folks don’t make some type of lifestyle changes they will be in a diabetic state.Making lifestyle modifications can help turn things around for most that have been diagnosed with pre-diabietes.A health coach can make all the difference in helping you make lifestyle habits.A lot of times we need that person to come along side us to give us that nudge and help keep us on track.Find More From Phil Carson Here

IS ANYONE THERE???  I ask because, no one wants to talk about dying or end of life costs. Seriously, when does one bring this subject up?  At a family dinner?? Maybe on your Saturday date night???  Most likely the subject is broached when you bear witness to the devastating effects it has on someone you know. The Emotional and Financial Costs of End of Life Care I've learned a lot about the devastating costs of end of life care lately. Over the last year, there's been a lot of death in my family. Last year my sister, Barbara passed away at age 51 and my aunt Nicola passed too. Now, at age 96, my grandmother is tiring out and is in hospice.When someone you love is dying, it takes a toll on everyone close to them. If you're not careful the emotional and financial toll can be devastating.In this episode,We'll discuss:How to manage the emotional cost of end of lifeThe role of family in end of lifeThe average cost of end of life careThe uncertainty of the end of life processWays to plan for end of life costsThe importance of good estate planning documentsHow to write a family love letterListener Question After listening to episode #69 I have had a question I have needed answered for a while.. .Quick background Im 33yrs old have no retirement working on life/work balance.Married 3 kidsBuilt my own business for last 8 years best profits have come last 2 years and current year.I have no debt personally besides my mortgage.I have some business debt im paying off over next 2 years.  My question is how much should I start investing in retirement vs reinvesting into my company to help it grow. Up until age 30 I have had the mindset that ill invest in my retirement later and building the companyGreat question!  I struggled with this question as well and work with many owners that have the some issue. We business owners tend to be very confident in our abilities and company. Most business owners have the majority of their assets tied to their business. Makes sense, since typically the best return on investment is investing in themselves.If we're not careful, though, we can become addicted to fueling our business and fail to diversify our assets outside our business.We'll discuss:The difference between a cash flow business and enterprise.How to decide when to start diversifying your assets outside your business.The difference between wealth creation and wealth preservation and growth.The importance of not getting "addicted to the deal."How to separate your business and personal finances.The importance of "don't go broke" money. 

You may die tomorrow. You may get sick. There's no way to predict it and there's nothing you can do about it. Yeah, It sucks, I know. I've got the same deal. As important as planning for retirement is, its just as important...no, more important....you make the most of the only life you have. The one that's happening right now!The frailty of life is so easy to forget. We're so busy planning, worrying and doing we can miss enjoying the here and now. Lately, I've had lots of reminders of how important enjoying today is. Last year, my sister passed and aunt passed away, my grandmother (age 96) is in hospice and a old neighbor was just diagnosed with MS. I think of events like these as taps on the shoulder. God reminding me, that I was created to live NOW.Don't just plan a great retirement. Not at the expense of living today. To create a great life, you need to find that balance between living well today AND planning for tomorrow. I know, it's a hard balance to achieve. It might be impossible. You still need to try though. And don't wait, as many do, for a health issue to force your hand. Start today to:Dream up, plan out and begin living an amazing life.In this week's episode, we here Amy's journey to retirement and how health issues helped bring into focus the need to find better balance between living today and planning for retirement? Lessons Learned From Amy's Story Don’t postpone living. Tomorrow is promised to no one. Health issues can hit at any time.Resist the urge to inflate your lifestyle as your income rises. Society has trained us to be consumers and it can rob us of our financial security.Even after financial ruin, you can have a great life.Who is Amy? 46 married 15 yearsTwo children, 19 and 20Owned our own business, CPATeaches part time at a local universityShares the same financial philosophy as her spouseVery debt adverseWhat Does Retirement Means to You?   “I enjoy working. I consider being a professor being retired from being a CPA.”“I don’t see us every not doing anything.”“We envision traveling and work camping to help pay expenses.”“I am disabled and my mobility has gotten worse as I’ve gotten older.” What Are You Most Excited About Retirement? “Not having to worry about the money”“Being able to travel”“Retirement means being able to go do what I want to do.” What Are You Most Worried About Retirement? “My health.”“It (health issues) kinda opens your eyes that you’re not promised tomorrow.” How Do You Think You’re Doing? “My grandparents were always a good role model.”“Being a CPA and seeing a lot of people struggle. I didn’t want to structure.” What’s the Worst Financial Decision You’ve Ever Made? “One thing we both regret, as the careers were lifting off…you always think you’re supposed to have that next big thing. The Cars the boats, the house…So we traded in this really nice house for this big mammoth..house. We got into it thinking that is what we were supposed to have.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “I think telling myself that we have enough….because we had nothing and I never we want to go back there.”“For the past 40 years we’ve been accumulating and accumulating. It’s hard now to decompress and flip that switch.” What Resources Have Had the Most Impact in Your Life?  It comes from your multitude of experiences.Mr. Money MustacheFinancial blogsHow Do You Want to Be Remembered? “Just a good mother, wife and someone that gave back.”“I just want to be happy and for my family to be happy. That’s how I want to be remembered.” I Need Your Help Many of you have asked questions about Social Security benefits.  Smart move. Your Social Security benefit may be the most important retirement assets you have. I'm in the process of creating educational materials on how to maximize your Social Security benefits. What are the 3 things you'd like to learn about taking your Social Security benefit?Click here and let me know.

If you're working to build a great retirement, stop listening to weekend investment talk radio. The economics of these local shows encourage the sale of investment product rather than offering sound investment advice.  In this week's episode, I answer listener questions and talk about the difference between investment and investment product and why too much worry will rob you of your life. Brenda asks:  "What do you think about those weekend radio shows where they talk about "no risk investing" and how their clients "never lose money"? Are they legit?" In my answer I discuss: The economics of weekend investment talk radio.Why you should be careful in responding to messages playing off your fear or greed.The differences between investments and investment products.How to make smarter investment decisions.Janie Asks: Question: My husband and I are both self-employed. (I am 35, he is 40). I am paralyzed with stress about retirement. We save about $20,000 per year, max out Roth, remainder in mutual funds. In addition. we also save for college funds (3 kids) and paying $350/month extra towards 30yr fixed mortgage. (Really have only been able to save like this for past 5 years--prior to that paying off student loans, building business etc.) We have no credit card debt and no car payments. What stresses me out, is that I don't have a traditional 401K so I don't know what is "normal" amount saved.  I guess my question is. . . . . is 20% the right amount? Is it  WAY low?  Way high? Frankly, I want to be safe. I had a very uncertain, unstable childhood. I've built a great life for myself but I find myself not being able to enjoy my efforts because I'm constantly worried about the what ifs. (Are you a financial planner and a shrink. . lol). In my answer I discuss: Why Janie needs to STOP worrying and start living more (I say it with love).Why Janie and her husband should be PROUD of their progress.The dangers of constant financial worry.How a having sound plan can help lessen financial worries.How a good financial planner might bring needed perspective and structure to their financial life.Want to Make Smarter Financial Decisions? Get free access to resources to help you:Create a net worth statementManage cash flow if you hate to budgetUnderstand the basics of Social SecurityClick here and get access to these and over 30 other retirement resources.

Have you noticed how these Journey to Retirement stories have little to do with money? Each listener story has focused on freedom and experiences. Favorite Quote From This Week's Story "It (retirement) means the freedom to do what we want, when we want and where we want.” Lessons Learned It’s important to think about what financial situation your spouse will be in when you pass.Pay attention to fees and make sure the fees pay are adding value to your financial life.Brake the habit of using consumer debt. It can be a major drag on building wealth.Who is Harold Age 56Retired Air ForceCurrent civil servantMarried 23 yearsGoal to retire in 6 yearsWhat Does Retirement Means to You?   "It means the freedom to do what we want, when we want and where we want.” "Our big hold up is not having the time to do the things we love."“Our time is limited and everything we want to do feels rushed.” What Are You Most Excited About Retirement? “I’m excited about…well, see above answer.”“Traveling is our big thing.” What Are You Most Worried About Retirement? “My main worry is...if something happens to me that she is taken care of.”“I used to assist widows and widowers upon the death of their spouse. I saw so many times when the main breadwinner died and they were in horrible financial straights. I want to assure my wife is not in the same boat.”“I want to make sure she knows where everything is because I don’t want her to feel paralyzed if something happens to me.” How Do You Think Your Doing? “I’m feeling very good.” Who Do You Use in Your Life to Help Make Smart Financial  Decisions? “I have not and I’ve come close on three different occasions.” What Has Been Your Worst Financial Decision? “I really don’t have a big financial mistake, but I have several small ones.”“Prior to my wife coming into my life, I was not at all bothered by carrying debt. After she came into my life, she put a stop to that quickly.”“I never used to pay attention to fees on the mutual funds I would get into.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “The 2001-2002 and 2007-2008 markets were very hard to watch the bottom fail out of the market.”“Putting money in is easy to me. Taking money out (in retirement) I think will be mentally a little more difficult.” What Resources Have Had the Most Impact in Your Life? “The Truth About Money” by Ric Edelman“Buckets of Money” by Ray Lucia How Do You Want to Be Remembered? “Well Roger, I’d like to think of myself as a loyal, kind family man.”